Equity Home Loans

Are members of the Air Force reserve qualified for VA home loans?

Also what is the difference between a VA home loan and a traditional loan?

Public Comments

1. To qualify for the VA home loan you have to have either 180 days of continuous active duty or have six years of Guard/Reserve status without being mobilized. Basically, what it does is enable you to get a loan with the option of no down payment and the VA will guarantee a portion of the loan to whatever bank you get your loan from, thus limiting the bank's risk. By reducing their risk, they are more likely to give you a more favorable interest rate. There are many other details that your unit can help you with. If you are working on buying a house, your bank should also have some familiarity with the VA home loan program, as it is fairly common. I used it, it's helpful, but I don't know more about it because most of the paperwork was done by my wife while I was in Iraq last year.
2. VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country. http://www.worldbestloans.com/homeloans.htm No prepayment penalties and long amortization terms are another advantage of these loans. Houses provided under VA housing loan programs are duly inspected at the time of construction and require a warranty from the builder.